EXHIBIT 12.1

First BanCorp
Computation of Ratio of Earnings to Fixed Charges

	Six-Month Period Ended
	June 30, 2011
Including Interest on Deposits
Earnings:
Pre-tax loss from continuing operations	$	(37,152	)
Plus:
Fixed Charges (excluding capitalized interest)		144,660
Total Earnings	$	107,508
Fixed Charges:
Interest expensed and capitalized	$	143,001
Amortized premiums, discounts, and capitalized expenses related to indebtedness		31
An estimate of the interest component within rental expense		1,628
Total Fixed Charges	$	144,660
Ratio of Earnings to Fixed Charges		(A)
Excluding Interest on Deposits
Earnings:
Pre-tax loss from continuing operations	$	(37,152	)
Plus:
Fixed Charges (excluding capitalized interest)		41,076
Total Losses	$	3,924
Fixed Charges:
Interest expensed and capitalized	$	39,417
Amortized premiums, discounts, and capitalized expenses related to indebtedness		31
An estimate of the interest component within rental expense		1,628
Total Fixed Charges	$	41,076
Ratio of Earnings to Fixed Charges		(A)

(A) For June 30, 2011, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $37.2 million to achieve a ratio of 1:1 for the six-month period ended June 30, 2011.